[2017-09-14] Bitcoin Price Drops Below $3,500, But Is Relief Rally In Sight?

[popolite11]

The bitcoin-US dollar exchange (BTC/USD) rate fell to a fresh four-week low of $3,413 this morning following reports that Shanghai-based bitcoin exchange BTCC will shut down its domestic trading operations effective September 30.

As such, the announcement is the latest that supports the rumor regulators are preparing a formal ban on domestic bitcoin exchanges. Long liquidations in BTC markets have gathered pace amid fears that a confirmation from the People's Bank of China will follow over the next few days.

More here:
https://www.coindesk.com/bitcoin-price-drops-3500-relief-rally-sight/

[leea-1334]

That is a good point, four weeks low. People have forgotten than this incredible high was always likely to be short-lived. Especially since the price never looked back from $3,000,,, when it really should have dipped for a while before moving on to $4,000. Relief rally? Would be very surprising. Maybe more of a consolation drive to recover 10-15% after the panic dies down.

[veleten]

That is a good point, four weeks low. People have forgotten than this incredible high was always likely to be short-lived. Especially since the price never looked back from $3,000,,, when it really should have dipped for a while before moving on to $4,000. Relief rally? Would be very surprising. Maybe more of a consolation drive to recover 10-15% after the panic dies down.

since China is trading around 3000 now and the price is falling every day
I would say we are seeing one of the worst crash ever and there is no end in sight
there is simply not enough buyers to buy out the swarm of coins coming from chinese exchanges
and what is the point in buying on a clearly bear trend? to risk it drop to 2000 or lower and lose ton of money?
big players are waiting for the panic to kick in and buy as low as possible,general public is undecided or selling whatever small stashes they have
every attempt to organise support at 3800,3600,3500 and now 3400 is failing miserably... all the way to 2500 and lower?

[1Referee]

I would say we are seeing one of the worst crash ever and there is no end in sight

This one by far isn't the worst crash ever. I have seen how the entire crypto market tanked with around 50% in a matter of minutes at the time SilkRoad was closed by the FBI back in 2013. It was a pretty scary thing to look at, considering that I bought myself heavily into Litecoin moments before the crash. We also have the MtGox debacle making the price tank from nearly $1200, all the way to far below the $200 level - this took longer to happen, but the result was still catastrophic. Current correction is still pretty friendly if you ask me. It's very difficult to call bottom with so many factors playing an important role to why the price may tank further, or may end up recover. At worst, I am aiming at anything above the $2000 level before the *potential* 2MB hard fork event in November.

[CyberKuro]

Just too late to sell-off and take advantage from this crash
But another chance to buy more cheaper coins, digging to my savings and looking for money to buy at this rate.
I guess, bitcoin may need another month to recover, back to over $4000 again because Chinese bitcoiners have big portion of bitcoin and they just create panic sell or massive sell from traders.

[iamTom123]

I would say we are seeing one of the worst crash ever and there is no end in sight

This one by far isn't the worst crash ever. I have seen how the entire crypto market tanked with around 50% in a matter of minutes at the time SilkRoad was closed by the FBI back in 2013. It was a pretty scary thing to look at, considering that I bought myself heavily into Litecoin moments before the crash. We also have the MtGox debacle making the price tank from nearly $1200, all the way to far below the $200 level - this took longer to happen, but the result was still catastrophic. Current correction is still pretty friendly if you ask me. It's very difficult to call bottom with so many factors playing an important role to why the price may tank further, or may end up recover. At worst, I am aiming at anything above the $2000 level before the *potential* 2MB hard fork event in November.

Thanks a lot for reminding us that history of Bitcoin which is fraught with many lessons that we should have been applying these days. Now, am wondering...why did Bitcoin recovered when it go down from $1,200 to $200? Probably because Bitcoin is really representing a value and the same thing can happen weeks from now. While anti-Bitcoin naysayers would describe this whole debacle as a bubble...they can be right but Bitcoin can soon resurrect itself so there would be more balloons to be available.

[Kemarit]

Just too late to sell-off and take advantage from this crash
But another chance to buy more cheaper coins, digging to my savings and looking for money to buy at this rate.
I guess, bitcoin may need another month to recover, back to over $4000 again because Chinese bitcoiners have big portion of bitcoin and they just create panic sell or massive sell from traders.

This crash should is a good buying point and sell-off is no longer an option. Expect the unexpected as I'm feel that there are still dumps coming from China. But yes, this is great chance for us, hard core bitcoin enthusiast to get it while its cheap. We can't do anything about the Chinese traders dumping, the best thing to do is to buy at this point.

That is a good point, four weeks low. People have forgotten than this incredible high was always likely to be short-lived. Especially since the price never looked back from $3,000,,, when it really should have dipped for a while before moving on to $4,000. Relief rally? Would be very surprising. Maybe more of a consolation drive to recover 10-15% after the panic dies down.

The steam really gain after the $2900 price prior to Aug 1 and didn't look back. But I agree with your observation. it should but what we see is a massive buy because investors are getting 'free' BCH that time and since the steam gain and a massive bull run followed, we never came to see a dip from $3000. I think when everything has settled after this Chinese shenanigans, recovery will be on its way.

[veleten]

relief rally is here
suddenly,people relaised that 3000$ is "low price" and bought over 80.000 of coins at bitfinex and bitstamp only
and by people I meant the manipulators,cause it is obvious that no small holders or buyers could organise such an avalanche of trading
today the price is stable at 3700+- and chinese markets are going up as well
do we see a breif rally before another drop or return to 4000$ levels,too early to tell